Category: Tips for Sellers
With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.- According to Charleston Trident Association of Realtors
Market Stats through May 2016
REGIONAL REAL ESTATE SALES
CHARLESTON, SC—(December 10, 2015) 1,029 homes sold in November in the region at a median price of $246,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In November 2014, 987 homes sold at a median price of $222,067.
Year-to-date data shows that sales volume is 14% ahead of where it was last year, with 14,758 sales through November 2015 and the regional median price has increased by 5.3%, currently $228,000. Through November 2014, 12,933 homes had sold at a median price of $216,352.
- Upper Charleston Peninsula
- Downtown Charleston
- Mount Pleasant (below IOP connector)
- Mount Pleasant (above IOP connector)
- Folly Beach
- Isle of Palms and Wild Dunes
- Sullivans Island
- Kiawah Island
- Seabrook Islands
- Daniel Island
Charleston residential real estate saw a great year in 2014, with a 9% increase in sales volume and a 5% increase in median prices. A total of 14,253 homes sold last year in the Charleston metro area, with the downtown Charleston peninsula and Folly Beach seeing the most median price growth, while Kiawah/Seabrook and James Island were some of the most active subsections of the Lowcountry, according to the Charleston Trident Association of Realtors®. In December 1,270 homes sold at a median price of $202,870. 2015 CTAR President, Matt DeAntonio, gave a great outlook for 2015, stating that “we expect to see sales volume and prices continue to grow.” While inventory remained low, 12% lower than in 2013, some notable changes in the market from 2013 to 2014 included a 17% increase in single-family home sales and that distressed sales continued to decline significantly.
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More than 5,000 Homes Sold This Summer in the Charleston Area.
These Charleston area market statistics were recently released by the Charleston Trident Association of REALTORS®. “The summer months were, as expected, a period of steady, sustainable growth” said 2014 CTAR President, Corwyn Melette. “About 40% of sales for the year close during the summer, and this summer, sales activity and price growth has our market well-positioned for a strong finish to 2014” Melette said. At the end of August, there were 5,961 homes classified as active for sale in the CTMLS. At this time last year, there were 5,702.
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These Charleston area market statistics were recently released by the Charleston Trident Association of REALTORS®. “Our housing market continues to be where the economy experts thought it would be – steady, sustainable growth in both closed transactions and median price,” said 2014 CTAR President, Corwyn Melette. “With five straight months of inventory growth – albeit small, single digit percentage growth – some prospective buyers, who may not have found what they were looking for in the spring, should take another look and see if they find something that fits their needs now,” he added.
Market Stats- Since the opening of The Real Estate Studio in historic Charleston in 2007, dunes properties has had a stronger focus in sales on the peninsula. Our downtown office is comprised of a group of agents that are experts in the downtown market, including the upper and lower peninsula. With this expertise combined with the strength of our other three offices, we have seen significant growth in the downtown market.
In the third quarter of 2014, dunes properties has sold $17,186,650 with over 40 sides. Closing out 2013 with $16,527,350 in sales, which was more than double the previous year, we have already surpassed last year’s total!
Compared to July 2013, the median sales price is up 21% and the number of days on the market has decreased almost 30% in historic Charleston. North of the crosstown, the median sales price is $304,500, which is 6% higher than this time last year.
Along with increased sales on the peninsula with dunes properties, the Lowcountry has continued to see growth in home sales and prices. July was the fifth month in a row that the Charleston area has seen inventory growth, opening up new opportunities for buyers who may not have found what they were looking for last Spring. Compared to July 2013, residential sales have increased from 7,417 homes sold at a median price of $200,834 to 8,016 homes sold at a median price of $216,250.
Check out our touch screen real estate search! We are so excited to now feature a wonderful, fun way to search for real estate: right from our storefront window in historic Charleston at The Real Estate Studio. This real estate touch screen is an interactive tool that allows you to search for property anywhere in the Charleston area and look at details, a map, and large pictures. It’s also very easy to navigate and extremely responsive to touch. Located right outside our storefront at 214 King Street, this new addition to our office gives you an idea of what The Studio has to offer before you even walk in the door.
If you see something you like, or prefer to sit down and continue your real estate search, you can walk right in and sit down with on one of our comfortable chairs and look at property on one of our multiple large screens. Check out some of our agents trying out the new technology!
Come and see us at 214 King St. and check it out for yourself!
The Upper Peninsula is the area of downtown Charleston that includes the neighborhoods of Wagener Terrace, Hampton Park Terrace, the Westside, North Central, Lowndes Grove, and Longborough. They are all located North of the Crosstown, hence the “Upper Peninsula.” As a result of areas like Upper King Street slowly developing further and further North, the Upper Peninsula is beginning to see all sorts of new development, from restaurants and bars to houses and offices.
Currently, some of our downtown agents at The Real Estate Studio have quite a few new construction projects currently underway. Kristin Walker has joined forces with Jeff Roberts of JJR Development, LLC and Architect Julia F. Martin, also known as Ecovest. Together, they are creating and selling new building projects and renovations. Kristin currently has four properties for sale that are under construction with this team. The homes will include luxurious touches that the development and design team are known for such as 9-10 foot ceilings, wide plank heart pine floors, and beautiful trim work. At the same time, the new construction creates a great balance between keeping historical aspects of the surrounding neighborhood with the architecture and the modern conveniences of new construction.
Three properties are located in the Westside, 369 Sumter Street, 371 Sumter Street, and 15 Ashton Street. All are 3 bedroom, 2.5 bathroom, between 1500-1700 square feet, and are scheduled to be completed in August/September, 2014. The fourth, 2025 Four Mile Lane, is located further up the peninsula has completed construction and is move-in ready!
1413560 – Details: 15 ASHTON ST, CHARLESTON, SC – $369,000
1412408 – Details: 371 SUMTER ST, CHARLESTON, SC – $419,000
1412413 – Details: 369 SUMTER ST, CHARLESTON, SC – $419,000
1400200 – Details: 2025 FOUR MILE LN, CHARLESTON, SC – $194,900
dunes properties agent Jason Peé also has new construction for sale in the Upper Peninsula, in the neighborhood of North Central. Jason is working with Crosstown Builders on this 3 bedroom, 3.5 bathroom house that is a traditional home with a modern twist, which is also planned to be completed soon.
1407248 – Details: 21 MAPLE ST, CHARLESTON, SC – $419,900
Regarding all of this new construction on the Westside, Kristin Walker says that this area in particular “is hot because of its proximity to Upper King Street and the Medical University. Look for a transformation of the Ashton, President, Norman Street area over the next couple years in preparation for the Horizon Development.”
The Charleston Upper Peninsula Initiative is another development project on a much larger scale. This initiative is a community planning and urban redevelopment effort focused on bringing future growth and denser development to an 865 acre area on the Upper Eastside, according to their website. With new construction going up all over the Upper Peninsula, many of which are less than $500,000, this expanding area is a growing and is sure to be a sprawling community in the coming years.
It turns out that from 2012 to 2013, millions of people moved primarily for housing-related reasons. The U.S. Census Bureau found that people who moved in the past couple of years were moving because they wanted a new or better home/apartment, wanted less expensive housing, were renters that were ready to become owners, or wanted to live in a better neighborhood.
There are plenty of other factors that play into the decision to move. Family-related reasons, such as a change in marital status, accounted for 30%, while employment and other reasons like a new job, to be closer to work, or to look for a new job made up almost 20% of the reasons why people moved.
David Ihrke, a demographer for the Census Bureau and the report’s author, says that there is usually more than one factor to motivate someone to move, and the decision depends on the most important one.
“If one’s primary reason for moving is to be closer to work or having an easier commute, they may have to sacrifice other preferences. This could include forgoing cheaper housing options or settling for a different neighborhood. If they mainly want cheaper housing, they may have to deal with a longer commute,” says Ihrke.